NTB/MOT/03.14/V26 RESPONSIBILITY FOR THE LOT
6.1 Only on the payment of the Purchase Price to us
will title in the Lot pass to you. However under the
Contract for Sale, the risk in the Lot passed to you
when it was knocked down to you.
6.2 You are advised to obtain insurance in respect of the
Lot as soon as possible after the Sale.
7 FAILURE TO PAY OR TO REMOVE THE LOT
AND PART PAYMENTS
7.1 If all sums payable to us are not so paid in full at the
time they are due and/or the Lot is not removed in
accordance with this agreement, we will without
further notice to you be entitled to exercise one or
more of the following rights (without prejudice to
any rights we may exercise on behalf of the Seller):
7.1.1 to terminate this agreement immediately for your
breach of contract;
7.1.2 to retain possession of the Lot;
7.1.3 to remove, and/or store the Lot at your expense;
7.1.4 to take legal proceedings against you for payment
of any sums payable to us by you (including the
Purchase Price) and/or damages for breach of
contract;
7.1.5 to be paid interest on any monies due to us (after
as well as before judgement or order) at the annual
rate of 5% per annum above the base lending rate
of National Westminster Bank Plc from time to time
to be calculated on a daily basis from the date upon
which such monies become payable until the date of
actual payment;
7.1.6 to repossess the Lot (or any part thereof) which has
not become your property, and for this purpose
(unless you buy the Lot as a Consumer) you hereby
grant an irrevocable licence to us, by ourselves, our
servants or agents, to enter upon all or any of your
premises (with or without vehicles) during normal
business hours to take possession of any Lot or part
thereof;
7.1.7 to sell the Lot Without Reserve by auction, private
treaty or any other means on giving you three
months’ written notice of our intention to do so;
7.1.8 to retain possession of any of your other property in
our possession for any purpose (including, without
limitation, other goods sold to you or with us for
Sale) until all sums due to us have been paid in full;
7.1.9 to apply any monies received from you for any
purpose whether at the time of your default or at
any time thereafter in payment or part payment of
any sums due to us by you under this agreement;
7.1.10 on three months’ written notice to sell, Without
Reserve, any of your other property in our possession
or under our control for any purpose (including other
goods sold to you or with us for Sale) and to apply
any monies due to you as a result of such Sale in
payment or part payment of any amounts owed to
us;
7.1.11 refuse to allow you to register for a future Sale or to
reject a bid from you at any future Sale or to require
you to pay a deposit before any bid is accepted by us
at any future Sale in which case we will be entitled
to apply such deposit in payment or part payment, as
the case may be, of the Purchase Price of any Lot of
which you are the Buyer.
7.2 You agree to indemnify us against all legal and other
costs, all losses and all other Expenses (whether or
not court proceedings will have been issued) incurred
by us as a result of our taking steps under this
paragraph 7 on a full indemnity basis together with
interest thereon (after as well as before judgement or
order) at the rate specified in paragraph 7.1.5 from
the date upon which we become liable to pay the
same until payment by you.7.3 If you pay us only part of the sums due to us such
payment shall be applied firstly to the Purchase Price
of the Lot (or where you have purchased more than
one Lot pro-rata towards the Purchase Price of each
Lot) and secondly to the Buyer’s Premium (or where
you have purchased more than one Lot pro-rata to
the Buyer’s Premium on each Lot) and thirdly to any
other sums due to us.7.4 We will account to you in respect of any balance we
hold remaining from any monies received by us in
respect of any Sale of the Lot under our rights under
this paragraph 7 after the payment of all sums due to
us and/or the Seller within 28 days of receipt by us of
all such sums paid to us.8 CLAIMS BY OTHER PERSONS IN RESPECT OF
THE LOT8.1 Whenever it becomes apparent to us that the Lot
is the subject of a claim by someone other than
you and other than the Seller (or that such a claim
can reasonably be expected to be made), we may,
at our absolute discretion, deal with the Lot in
any manner which appears to us to recognise the
legitimate interests of ourselves and the other parties
involved and lawfully to protect our position and
our legitimate interests. Without prejudice to the
generality of the discretion and by way of example,
we may:8.1.1 retain the Lot to investigate any question raised or
reasonably expected by us to be raised in relation to
the Lot; and/or8.1.2 deliver the Lot to a person other than you; and/or8.1.3 commence interpleader proceedings or seek any
other order of any court, mediator, arbitrator or
government body; and/or8.1.4 require an indemnity and/or security from you in
return for pursuing a course of action agreed to by
you.8.2 The discretion referred to in paragraph 8.1:8.2.1 may be exercised at any time during which we have
actual or constructive possession of the Lot, or at
any time after such possession, where the cessation
of such possession has occurred by reason of any
decision, order or ruling of any court, mediator,
arbitrator or government body; and8.2.2 will not be exercised unless we believe that there
exists a serious prospect of a good arguable case in
favour of the claim.9 FORGERIES9.1 We undertake a personal responsibility for any
Forgery in accordance with the terms of this
paragraph 9.9.2 Paragraph 9 applies only if:9.2.1 your name appears as the named person to whom
the original invoice was made out by us in respect of
the Lot and that invoice has been paid; and9.2.2 you notify us in writing as soon as reasonably
practicable after you have become aware that the Lot
is or may be a Forgery, and in any event within one
year after the Sale, that the Lot is a Forgery; and9.2.3 within one month after such notification has been
given, you return the Lot to us in the same condition
as it was at the time of the Sale, accompanied by
written evidence that the Lot is a Forgery and details
of the Sale and Lot number sufficient to identify the
Lot.9.3 Paragraph 9 will not apply in respect of a Forgery if:9.3.1 the Entry in relation to the Lot contained in the
Catalogue reflected the then accepted general
opinion of scholars and experts or fairly indicated
that there was a conflict of such opinion or reflected
the then current opinion of an expert acknowledged
to be a leading expert in the relevant field; or9.3.2 it can be established that the Lot is a Forgery only
by means of a process not generally accepted for
use until after the date on which the Catalogue was
published or by means of a process which it was
unreasonable in all the circumstances for us to have
employed.9.4 You authorise us to carry out such processes and
tests on the Lot as we in our absolute discretion
consider necessary to satisfy ourselves that the Lot is
or is not a Forgery.9.5 If we are satisfied that a Lot is a Forgery we will (as
principal) purchase the Lot from you and you will
transfer the title to the Lot in question to us, with
full title guarantee, free from any liens, charges,
encumbrances and adverse claims, in accordance
with the provisions of Sections 12(1) and 12(2) of
the Sale of Goods Act 1979 and we will pay to you
an amount equal to the sum of the Purchase Price,
Buyer’s Premium, VAT and Expenses paid by you in
respect of the Lot.9.6 The benefit of paragraph 9 is personal to, and
incapable of assignment by, you.9.7 If you sell or otherwise dispose of your interest in the
Lot, all rights and benefits under this paragraph will
cease.9.8 Paragraph 9 does not apply to a Lot made up of or
including a Chinese painting or Chinese paintings, a
motor vehicle or motor vehicles, a Stamp or Stamps
or a Book or Books.10 OUR LIABILITY10.1 We will not be liable whether in negligence, other
tort, breach of contract or statutory duty or in
restitution or under the Misrepresentation Act 1967
or in any other way for lack of conformity with or
any inaccuracy, error, misdescription or omission in
any Description of the Lot or any Entry or Estimate
in respect of it, made by us or on our behalf or by
or on behalf of the Seller (whether made in writing,
including in the Catalogue, or on the Bonhams’
Website, or orally, or by conduct or otherwise) and
whether made before or after this agreement or prior
to or during the Sale.10.2 Our duty to you while the Lot is at your risk and/or
your property and in our custody and/or control is to
exercise reasonable care in relation to it, but we will
not be responsible for damage to the Lot or to other
persons or things caused by:10.2.1 handling the Lot if it was affected at the time of Sale
to you by woodworm and any damage is caused as a
result of it being affected by woodworm; or